April 9, 2020
It has been an unprecedented past few weeks as our world faces challenges with the growing COVID-19 (coronavirus) pandemic. First and foremost, I wish to send you my love and support.
To my clients, please know that I will continue to service your real estate needs, according to all social distancing best practices, and will do everything I can to offer my knowledge and support. The Province of Ontario has deemed that real estate is an essential services during this current hardship. This decision was taken to ensure that people who absolutely must buy and sell real estate are able to do so. However, it is not “business as usual”. My colleagues and I, at the Nadeau Real Estate Group, recognize the seriousness of this announcement and will conduct ourselves accordingly. We will continue to monitor and adhere to guidelines set for by our local and national government, as well as leading industry authorities.
In a previous blog post, I outlined the procedures I am following to keep my clients safe and well. I am grateful for the technology that supports virtual consultations, video tours and inspections, and paperless transactions.
Everyday, I am asked about the impact of Covid-19 on the real estate market. Now is certainly not the time for speculation as the situation is evolving hour by hour and day by day. As I do every month, I am pleased to share local market data and insights.
March is traditionally a busy month as the Spring market ramps up. Even with the implementation of social distancing and self-isolation, last month’s numbers are strong in comparison to 2019. It is important to note that “sales” are recorded in the MLS when all conditions have been fulfilled. That means that homes that “sold firm” in the last two weeks of March were likely “sold conditionally” prior to the current situation.
New Listings +2.8% (656)
Sold Listings +4.5% (325)
Average Sale Price +7.7% ($407K)
Median Sale Price +11.4% ($390K)
Ask to Sell Ratio +1.1% (99%)
Days on Market -5.3 (33.0)
Though it is early days, April sales are showing the impact of Covid-19. Sales activity has been reduced by at least 50%. I am hearing from colleagues that most Canadian markets are experiencing the same decline. In general, activity is focused on people who absolutely must buy and sell right now.
However, this will uncertain time pass and the market will return. If you are thinking of selling, this is a great time to prepare your home for listing. If you are in the market to buy, spend this time researching the market and getting your finances in order so that you are ready to act when you find the right home. If you have questions about buying or selling real estate, we would be delighted to schedule a virtual consultation to discuss options. I am here to assist you in any way possible and are committed to providing you with the utmost service and guidance moving forward.
I send you best wishes for the health of you and your loved ones.